Top cryptocurrencies extend losses in August

The top cryptocurrencies reported a loss in August
after a month characterized by significant drop in volume, where the Bitcoin,
the leading digital currency, posted its second straight monthly drop.

The Bitcoin lost 4.43 last month, extending the
drop for a second month in a row and continuing the slight downside correction
after the sharp gains generated over the past five months. In July, the Bitcoin tumbled 6.58 percent.

The price of the largest cryptocurrency saw a
huge drop in trading volume last month, as the 24-hour volume fell from $35.9 billion
on August 1 to 28.6 billion on August 31, according to CoinMarketCap.

However, the fall in the Bitcoin was the least
compared to other top cryptocurrencies, as the Litecoin (LTC) and Stellar (XLM)
experienced the sharpest declines with -34 percent and -25 percent
respectively.

In June, the Bitcoin hit a new 2019 high at
$13,880 on BitStamp cryptocurrency exchange, where it has so far shot up nearly
165 percent since the beginning of the year.

However, it failed to act as a safe haven asset
in the middle of the devastating trade war between the United States and China
and the lingering global slowdown concerns.

The total market capitalization in the cryptocurrency
market recoiled to $274.75 billion on July 31 to 250 billion by the end of
August.

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